Title 36, Title 36 Officers and Employees

As used in this chapter, the following terms, unless the context requires a different interpretation, have the following meanings: (1) “Retirement board” or “board” means the retirement board of the Employees’ Retirement System of the State of Rhode Island as defined in chapter 8…

Actuarial accounting methods used by the actuary in determining the funded percentage shall be determined by the board in compliance with all applicable public pension accounting laws, rules and regulations. The actuary or the board shall not, year to year, change actuarial metho…

A plan is in endangered status for a plan year if the retirement board determines, in consultation with the plan actuary, that the plan: (i) Has a funded percentage of fifty percent (50%) or less; (ii) The plan’s funded percentage has decreased for five (5) consecutive plan years…

(1) Not later than November 1 of each plan year of a plan, the actuary shall certify to the board and the executive director of the retirement system whether or not a plan is in endangered status for such a plan year. (2) In any case in which the actuary certifies that a plan is …

(1) In any case in which a plan is in endangered status for a plan year, except for a plan year where a plan is already in a funding improvement period and meeting its scheduled funding targets for the three (3) consecutive prior plan years, a funding improvement strategy shall b…

(1) The funding improvement period for any funding improvement strategy adopted pursuant to this chapter shall begin on the first day of July immediately after the adoption date of the funding improvement strategy. (2) The funding improvement period shall be a ten (10) year perio…

Effective for plan years beginning July 1, 2012, any new legislation enacted contemporaneously with this chapter that is expected to improve the funding percentage of such a plan to eighty percent (80%) or greater within a reasonable funding improvement period not to exceed twent…